PM SVANidhi Loan Apply Online: As a small business owner, getting access to funds can be a huge challenge. This is where the PM SVANidhi scheme comes in. PM SVANidhi is a government scheme aimed at providing affordable loans to street vendors who are in need of capital. In this article, we’ll take a closer look at what the PM SVANidhi scheme is, how to apply for a loan online, and everything else you need to know to take advantage of this scheme.
What is PM SVANidhi?
PM SVANidhi (Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi) is a scheme launched by the Government of India in June 2020 to provide affordable loans to street vendors. The scheme is aimed at empowering street vendors by providing them with capital to start or expand their businesses.
Eligibility Criteria for PM SVANidhi
To be eligible for a PM SVANidhi loan, you must meet the following criteria:
- You must be a street vendor.
- You must have been in the vending business on or before March 24, 2020.
- You must have a vending certificate issued by the Urban Local Body (ULB).
- You must be at least 18 years old.
- You must not have any outstanding loans or defaults from any financial institution.
- You must have a savings bank account.
Benefits of PM SVANidhi
Here are some of the benefits of the PM SVANidhi scheme:
- Loans up to Rs. 10,000.
- No collateral required.
- Affordable interest rates.
- Loans can be repaid in monthly installments.
- No penalty for early repayment.
- Credit history not required.
How to Apply for PM SVANidhi Loan Online
If you meet the eligibility criteria, you can apply for a PM SVANidhi loan online. Here’s how to do it:
- Visit the PM SVANidhi website.
- Click on the “Apply for Loan” button.
- Fill in the application form with your personal details and business information.
- Upload the required documents, including your Aadhaar card, PAN card, and savings bank account details.
- Submit the application form.
Once your application is submitted, it will be reviewed by the authorities. If your application is approved, the loan amount will be disbursed to your savings bank account.
Documents Required for PM SVANidhi Loan
To apply for a PM SVANidhi loan, you will need to submit the following documents:
- Aadhaar card
- PAN card
- Savings bank account details
- Vending certificate issued by the ULB
- Two photographs of the applicant
- Business address proof
- Any other documents as specified by the lending institution
1. What is PM SVANidhi?
PM SVANidhi is a government scheme aimed at providing affordable loans to street vendors who are in need of capital.
2. What is the eligibility criteria for PM SVANidhi loan?
To be eligible for a PM SVANidhi loan, you must be a street vendor, have been in the vending business on or before March 24, 2020, have a vending certificate issued by the Urban Local Body (ULB), and be at least 18 years old.
3. What are the benefits of PM SVANidhi?
Some of the benefits of PM SVANidhi include loans up to Rs. 10,000, no collateral required, affordable interest rates, and no penalty for early repayment